Articles for tag: Andean Medjedovic, criminal indictment, cryptocurrency fraud, Decentralized Finance, Indexed Finance, KyberSwap, money laundering

Market News

US Charges Canadian Math Prodigy in Multi-Million Dollar Crypto Scam Involving $65M Scheme

A 22-year-old Canadian math prodigy, Andean Medjedovic, has been indicted for allegedly stealing around $65 million from two decentralized finance platforms, KyberSwap and Indexed Finance. He reportedly exploited vulnerabilities in these protocols, using deceptive trades to drain funds from liquidity pools. Medjedovic is also accused of attempting to extort victims and laundering the stolen crypto ...

Market News

Canadian Arrested for $65 Million DeFi Crypto Theft: A Deep Dive into the Exploits and Legal Consequences

The U.S. Justice Department has charged a Canadian man for stealing around $65 million by exploiting vulnerabilities in decentralized finance (DeFi) platforms. At just 22 years old, Andean Medjedovic allegedly used loopholes in the smart contracts of KyberSwap and Indexed Finance, draining nearly $65 million from various liquidity pools on the Ethereum network. After his ...

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KuCoin to Pay $300 Million in Penalties Following Guilty Plea for Regulatory Violations in Cryptocurrency Operations

KuCoin, a major cryptocurrency exchange, has agreed to pay $297 million after admitting it operated without a required money-transmitting license in the U.S. The company failed to implement crucial anti-money laundering measures, which allowed cybercriminals to use the platform for laundering billions of dollars. U.S. authorities noted that KuCoin did not establish a “know your ...

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KuCoin Fined $297M for Violating BSA Regulations: Latest Crypto Penalty News

KuCoin, a cryptocurrency exchange based in Seychelles, will pay nearly $300 million in penalties and halt operations in the U.S. for two years. This settlement comes after charges claiming the exchange failed to properly monitor its network for criminal activity. Since 2019, Peken Global, the owner of KuCoin, did not register as a money transmitting ...

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Seized £5 Billion Bitcoin: A Potential Solution to Public Finance Gaps

A massive £5 billion worth of cryptocurrency seized from criminals may help address the UK’s public finance gap of £22 billion. This digital currency was confiscated during an investigation into Jian Wen, who was convicted for her role in laundering money from a £7 billion fraud scheme. The funds, once valued at £1.4 billion in ...

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Illicit HuiOne Telegram Market Surpasses Hydra with $24 Billion in Crypto Transactions

HuiOne Guarantee, a Telegram-based marketplace, has become the largest illegal online marketplace, raking in $24 billion in cryptocurrency. This surpasses the notorious Hydra marketplace, which earned $5.2 billion in six years. HuiOne, established in 2021, has connections to organized crime, providing services for money laundering, stolen data sales, and other illicit activities. Despite attempts to ...

Market News

Illicit HuiOne Telegram Market Overtakes Hydra with $24 Billion in Crypto Transactions

HuiOne Guarantee, a Telegram-based online marketplace, has emerged as the largest illicit marketplace in history, amassing over $24 billion in cryptocurrency since its inception in 2021. Known for facilitating scams, money laundering, and even offering services for human trafficking, it eclipses the defunct Hydra marketplace’s total transactions. The marketplace has seen a 51% rise in ...

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Three Russian Nationals Indicted in Georgia for Operating Illegal Bitcoin Mixer Websites

Three men have been indicted for running Bitcoin mixing services that allegedly helped criminals launder stolen cryptocurrency. Roman Vitalyevich Ostapenko, Alexander Evgenievich Oleynik, and Anton Vyachlavovich Tarasov operated two websites, Blender.io and Sinbad.io, which were designed to hide transaction details for users. These sites gained popularity among criminals for allowing them to obscure their transaction ...

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Three Russians Indicted for Cryptocurrency Mixing Scheme in Major Money Laundering Case

Three Russian men have been charged for running cryptocurrency mixing services, Blender.io and Sinbad.io, involved in money laundering linked to cybercrime. The indictment, revealed on January 7 in Georgia, follows a thorough investigation into how these platforms were used to hide the proceeds of illegal activities, threatening national security. Two of the men were arrested ...

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Three Russian Nationals Indicted for Money Laundering Scheme Using Cryptocurrency Mixers: A Major Legal Crackdown

Three Russian nationals have been charged with operating cryptocurrency mixing services, Blender.io and Sinbad.io, which allegedly helped launder criminal proceeds. Their charges, unveiled by a Georgia grand jury, stem from an investigation showing these platforms facilitated cybercrime and threatened national security. Arrested on December 1, Roman Ostapenko and Alexander Oleynik are facing serious charges, while ...

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